Dutton Initiates Coverage on Baldwin Technology Company
4/19/2006
Shelton, CT, April 19, 2006 -- Baldwin Technology Company, Inc. (AMEX: BLD), a leading global manufacturer of printing press accessories and control equipment, said today that Dutton Associates has initiated coverage on Baldwin with a “buy” recommendation.
Dutton Associates April 19, 2006 http://www.jmdutton.com/research/BLD/index.html
In its report, Dutton analyst Wayne Lottinville described Baldwin as “an impressive, well-run operation with significant prospects.” The report said Baldwin “is reclaiming its market position as the worldwide leading supplier of accessories and controls for the commercial and newspaper printing press industries. Early results in this reincarnation are impressive, with sales rising over the past two fiscal years at a compound annual rate of 13.6% to $173 million in FY05. Operating and net income have moved solidly into the black. Over the same period, operating cash flows surged at an annualized rate of 127% to $14 million. Management has leveraged the company’s burgeoning cash position to renegotiate and pay down debt, increasing the company’s financial capacity and strength.”
The report said, “Expectations of continued global economic expansion favor the projected increases in Baldwin’s sales, as the company improves its presence in fast-forward emerging markets and takes advantage of printers’ capital expenditures. The trend for printers in developed markets is to update and retool their presses to improve productivity, reduce raw materials waste, and better address the industry trends. . .”
The remainder of the report provides a detailed look at the company’s products, markets and business models.
The report may be viewed at http://www.jmdutton.com/research/BLD/index.html.
About Baldwin
Baldwin Technology Company, Inc. is a leading global manufacturer of printing press accessories and controls for the commercial and newspaper printing industries. Baldwin offers its customers a broad range of market-leading technologies, products and systems that enhance the quality of printed products and improve the economic and environmental efficiency of printing presses. Headquartered in Shelton, Ct., the company has sales and service centers, product development and manufacturing operations in the Americas, Asia and Europe. Baldwin’s technology and products include cleaning systems, fluid management and ink control systems, web press protection systems and drying systems. For more information, visit http://www.baldwintech.com.
Investors may contact Frank Hawkins or Julie Marshall at (305) 451-1888 or e-mail info@hawkassociates.com. For an online investment kit, visit http://www.hawkassociates.com. An investment profile about Baldwin Technology may be found at http://www.hawkassociates.com/baldwin/profile.htm.
About Dutton Associates
Dutton Associates, an international issuer-paid equity research firm, offers independent, fundamental research on over 120 small cap public companies. The company’s 29 analysts have more than 20 years of experience at major securities firms. For more information, visit http://www.duttonassociates.com.
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